Talking about 2-4 unit house.Chicago, Cook County, IllinoisThank you

Housing prices are much better here than Texas, but again it goes back to jobs and quality of the tenant, and how quickly you can rent a property out in Atlanta versus Texas.I like Texas because the economy is very strong there, the job growth is great, like Georgia its a landlord friendly state, tourism is much stronger in Texas, there are no state income taxes in Texas, large military presence all over Texas, and of course the oil and gas industry.

When we move away from natural oil completely what will happen to Texas economy (especially Texas City)?

I'm in a bit of a situation with a property I purchased in Fort Walton Beach, Florida back in 2007 before the oil spill and at the height of the housing crisis.

My credit is excellent and I'm planning in putting about 80k equity in.The dealLocation: Town Center of middle-class suburban neighborhood 5,750 sq foot retail (3350 1st Floor; 2400 2nd Floor)Assessed 265kPurchase Price 200k (Loan for 300k)Current SituationFirst Floor (3350 sq ft)Unit 1-3: 2150 sq ft (Unleased - 1 definite tenant, 1 possible tenant lined up @ $13/sq ft)Unit 4: 1200 sq ft (Leased @ $13/sq ft)Second Floor (2400 sq ft)Units 1-3: 1100 sq ft Leased @ $6/sq ft (storage)Units 4-7: 1300 sq ft (Unleased)Basement (3350 sq ft) Unfinished ConcreteThe assessment revealed some minor issues and a few not so minor issues.Foundation - split between current owner and myself estimated @ 8k eachSeptic - estimated @ 30kBuried Oil Tank - Current owner will remove prior to purchaseImprovements:Planning to convert 2nd floor to residential (2x 2 bdrm apts) estimated @ 45kI'm planning on spreading the major costs over the first 2 years and I'm assuming 5% Vacancy, 5% Maintenance, 3% Management, 2% general utilities (water/common area electric).

I worked the Oil Field that went through this situation 30 years ago with property on the water.

I finally found language on the cook county website indicating that they are assignable. 

Paint will 100% adhere to water or oil based existing coatings without primer.

I opted for them to avoid the old CO issues we've had with the older tanks chimney vented & having hot water cooking all day in a 30-60gallon tank. 

This is pretty fascinating to me to hear Lethbridge is immune to the cyclical nature of oil and gas.